▲ +332.11 / +1.13%
▲ +6.31 / +0.18%
▼ -1,260.13 / -1.17%
▲ +50.37 / +1.98%
▼ -274.47 / -0.53%
▲ +179.08 / +0.50%
▲ +10.96 / +0.07%
▲ +767.00 / +1.28%
▼ -36.27 / -0.49%
JSE Top 40
▲ +881.43 / +1.41%
Last Week’s Highlights
The division of Johnson & Johnson
The multinational company Johnson & Johnson is planning to get divided into two public companies. The pharma giant is looking forward to separating its personal care products from its pharmaceuticals. Alex Gorsky, CEO of the company, stated that the division is a decision to improve the service for patients and consumers. This change is expected to be effective in 18 to 24 months. The announcement of the division of Johnson & Johnson raised the price of its stock on the market.
Elon Musk getting rid of his shares
Elon Musk, CEO of Tesla, sold his company shares valued at approximately $700 million. It is the second batch of stocks sold during this week from one of the wealthiest businessmen in the world. Musk asked his social media followers if they agreed on the sale of 10% of his Tesla shares, which they supported. Up to last week, Tesla had lost $180 billion in market value.
Coming Up This Week
Rivian: The biggest IPO of the year
The initial public offering of Rivian Automotive Inc. is the biggest in 2021. The new electric vehicle manufacturer is backed by Amazon, which has helped gain a value of more than $100 billion. During Rivian’s first two days on the market, its shares jumped 57%. This has led the company to be the second most valuable automobile manufacturer in the US, only behind Tesla.
Moderna defends its Covid vaccine
During the first days of November, Moderna backed up its vaccine against Covid-19. The company stated that the risk that young men have to get myocarditis is tiny in comparison to the protection and effectiveness its two-shot vaccine provides. Moderna’s Chief Medical Officer, Dr. Paul Burton, affirmed the percentage of Covid-19 infections on people vaccinated with Moderna is lesser than the infections on people vaccinated with Pfizer or Johnson & Johnson. More than 71 million Americans are vaccinated with both doses of Moderna.